Dan Loeb Made A Big Bet On The Auto Loan Business

Loeb's Third Point just released its latest 13F filing with the SEC, which revealed a new 45.6 million share stake in Ally Financial, the auto loan financier. According to the filing, this stake is worth $1.09 billion.

Other new stakes that Loeb took during the second quarter include cloud company Rackspace Hosting, which Loeb took a more than 7 million share stake in worth $244 million.

The filing also showed that Loeb added nearly 15 million shares, or about $781 million, to his stake in Dow Chemical, which is now up to 22 million shares worth more than $1.1 billion in all.

Loeb also sold all 4.5 million shares of his more than $150 million stake in Cabot Oil & Gas.

A 13F requires hedge funds to disclose their long positions within 45-days after a quarter ends, and so Thursday's filing represents Loeb's holdings as of June 30.